following taxes during the year: Tax on residence (for the period from January 1 through December 31) State motor vehicle tax (based on the value of the personal use automobile) State sales tax State income tax $6,000 500 3,500 3,000 Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What amount qualifies as a deduction from AGI for Nancy? a. $3,000 . $7,000 c. $10,000 d. $13,000 e. None of the above. 200
following taxes during the year: Tax on residence (for the period from January 1 through December 31) State motor vehicle tax (based on the value of the personal use automobile) State sales tax State income tax $6,000 500 3,500 3,000 Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What amount qualifies as a deduction from AGI for Nancy? a. $3,000 . $7,000 c. $10,000 d. $13,000 e. None of the above. 200
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 2BCRQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT